On November 1, 2011, Quantum Technology, a geothermal energy supplier, borrowed $8.30 million cash to fund a geological survey.
On November 1, 2011, Quantum Technology, a geothermal energy supplier, borrowed $8.30 million cash to fund a geological survey. The loan was made by Nevada BancCorp under a noncommitted short-term line of credit arrangement. Quantum issued a nine-month, 13% promissory note. Interest was payable at maturity. Quantum’s fiscal period is the calendar year.Prepare the journal entry for the issuance of the note by Quantum Technology.(Enter […]